Canadian PM Avoids Recession on the Campaign Trail

Prime Minister Stephen Harper, campaigning for a fourth term on a record of economic growth, has refused to recognize that Canada is in a recession, despite new data to the contrary.

Collapsing prices for oil — a major export — have taken their toll on Canada’s economy, which has recorded its second consecutive negative quarter, the economic benchmark of a recession. It contracted at an annual pace of 0.5 percent in the second quarter and 0.8 percent in the first quarter of 2015, Statistics Canada reported Tuesday.

That could spell trouble for Harper, whose Conservative Party already faced an uphill battle ahead of the Oct. 19. election. Analysts call the three-way race a toss-up.


Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza